{"id":82329,"date":"2023-11-08T20:56:05","date_gmt":"2023-11-09T01:56:05","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/putin-signs-decree-to-swap-foreigners-assets-frozen-in-russia-for-russian-assets-blocked-overseas\/"},"modified":"2023-11-08T20:56:09","modified_gmt":"2023-11-09T01:56:09","slug":"putin-signs-decree-to-swap-foreigners-assets-frozen-in-russia-for-russian-assets-blocked-overseas","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82329","title":{"rendered":"Putin signs decree to swap foreigners\u2019 assets frozen in Russia for Russian assets blocked overseas"},"content":{"rendered":"
\n

Russian President Vladimir Putin has signed a decree to swap the frozen overseas assets of Russians for foreign companies\u2019 funds frozen in Russia.<\/p>\n

Putin signed the decree Wednesday, according to the Russian state news agency TASS.<\/p>\n

\n

In the wave of international sanctions that followed Russia\u2019s invasion of Ukraine in February 2022, the U.S. government and others froze Russian assets. In response, Moscow froze some assets belonging to foreign investors and companies. <\/p>\n

Russians will be able to exchange frozen assets abroad up to a value of 100,000 rubles ($1,100) with funds from so-called Type C accounts that were held by foreigners in Russia, AFP reports. The owner of the Type C account, typically a foreign company, will then have the option of receiving a foreign share abroad that was owned by a Russian investor.<\/p>\n

From the archives (August 2023):<\/strong> Unilever CEO vows to look at Russian operations with \u2018fresh eyes\u2019 as pressure to exit the country mounts<\/p>\n

European clearinghouse Clearstream has not yet responded to MarketWatch\u2019s request for comment on whether it would cooperate on an exchange of shares. Fellow clearinghouse Euroclear declined to comment.<\/p>\n

Putin\u2019s decree comes as the European Union is ramping up its efforts to harness frozen Russian assets for Ukraine\u2019s reconstruction.<\/p>\n

In March 2022, the European Commission set up a \u201cFreeze and Seize\u201d task force to coordinate actions across the European Union\u2019s member states. \u201cRussia and its oligarchs must compensate Ukraine for the damage and destruction that is being caused,\u201d the European Commission said in a statement last year.<\/p>\n

From the archives (November 2022):<\/strong> Russia\u2019s Mir payment system increasingly isolated, but concerns linger about possible stealth links to the outside world<\/p>\n

Reuters reported last month that the European Commission was working on a proposal to pool some of the profits from frozen Russian state assets and direct them to reconstruction efforts in Ukraine. Frozen Russian sovereign assets are valued at 211 billion euros ($223.15 billion), European Commission President Ursula von der Leyen said last month at the E.U. leaders summit in Brussels.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Russian President Vladimir Putin has signed a decree to swap the frozen overseas assets of Russians for foreign companies\u2019 funds frozen in Russia. Putin signed the decree Wednesday, according to the Russian state news agency TASS. 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